valentines-money

Good money management: the ultimate aphrodisiac

Money modesty outweighs good looks.

12 February 2016: Sensible spending and saving habits could be the ultimate factor to increase your appeal this Valentine’s Day. According to a survey conducted by ME Bank, 62% of women and 57% of men recognise good money management to be an important quality.

Showing off your money is a sure way to kill any romantic appeal. Around 64% said "money modesty" was more important than physical attractiveness. 61% said good looks were a factor in romance and dating.

There’s a balance to romance that includes both good looks, personality and not being too tight with your money.

If you’re in a relationship, you might be focused on saving for a house or raising a family. Nic Emery, ME head of deposits and transactional banking said a good way to impress your partner is to show you know how to manage your money while still being romantic.

"Being part of a couple typically means working towards shared goals like buying a home, raising a family, and eventually, enjoying a decent retirement – aspirations that all hinge on responsible money management," he said.

Is it time to go a step further and open a joint bank account?

Opening a joint account with your partner is a huge commitment and one of the biggest decisions you’ll make in your relationship. Opening a joint account is a big sign of trust which could be a great romantic gesture to your partner.

There are two types of joint accounts:

  1. Both to sign. This type of account only allows transactions to be made when both parties sign. Having both sign makes this type of account very secure. Your partner won’t be able to use the money without each other’s approval.
  2. Either to sign. This is a less secure option. Both parties can act independently of each other. They can use the money without the approval or knowledge of the other.

What are the benefits of joint accounts?

People open joint accounts since there are fewer fees than having two accounts. Joint accounts work well for people who spend their money in similar ways. If you’re considering opening a joint account, can you confidently answer the following:

  • Can you fully trust your partner or the person you're opening the account with, even if you go through a rough patch?
  • Do we communicate effectively concerning financial problems.
  • Are we working towards similar goals and objectives in relation to our finances? Do we have similar spending tendencies?
  • Is it necessary to open a joint account for our objective? Is there an easier and greater way to do it?

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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